Depending on who you ask, the financial technology market is valued at anything from £150billion to £250billion. 

The range speaks volumes. Statistics are unreliable, definitions vary and it is hard to put a value on an industry that is immature and accident prone. 

Even the most ardent fans would admit that fintech, as it is known, has seen some high-profile disasters, Silicon Valley Bank being a case in point. 

Bureau de all change: Equals started out providing tourists with travel money, but found more lucrative work serving smaller businesses too

And despite years of rapid growth, very few operators actually make a profit. Equals Group is different. 

The firm is making money, expanding fast and expects to start paying dividends by the end of this year. 

The shares are £1.16 and should rise materially, as chief executive Ian Strafford-Taylor develops the business, adds customers and moves into new parts of the world.

Founded more than 16 years ago as FairFX, the group initially focused on providing consumers with travel money via pre-paid cards. Rates were invariably better than bank or Post Office deals and the business prospered

Competition intensified, however, so Strafford-Taylor decided to add another string to his bow – offering foreign exchange rate services to businesses, particularly entrepreneurial firms with anything from 50 to 500 employees. 

The decision proved a good one. Companies of this size feel increasingly unloved by High Street banks and are keen to shift their custom elsewhere. 

Traditional banks are often bogged down with legacy systems too, so transferring and receiving money from one country to another through them can be cumbersome and costly. Strafford-Taylor had none of these issues and, from the start, was determined to offer top service and excellent value, with better exchange rates, swift payments and expert advice when needed. Providing all this has been no mean feat. 

The company, renamed Equals in 2019, has obtained licences and regulatory approval across the world. That means customers can now do business in more than 100 currencies, opening secure accounts and completing transactions in minutes.

Payment cards are available too, a boon for firms involved in e-commerce. These cards can carry limits to ensure staff do not overspend on overseas trips. 

About 150,000 consumers still use FairFX cards but the firm is seeing most growth on the business front, attracting more than 30,000 firms in every line of work, from fashion to health to film production. Larger companies are also seeing the value in Equals’ offer. 

About 150 big businesses have signed up for at least one service and the numbers are rising rapidly. Interim figures last week showed a 43 per cent surge in turnover to £45million for the six months to the end of June compared with the same period in 2022, with pre-tax profits soaring from £900,000 to £5.8million. Prospects are good, so much so that Strafford-Taylor plans to pay a 1.5p maiden dividend for 2023, rising steadily thereafter. 

Brokers expect annual profits of £19.5million, up 65 per cent year-on-year, and rising to £23million in 2024, with a 2p dividend. Growth so far has been organic and via acquisition, and more deals are likely, allowing Strafford-Taylor to offer customers more services in more places quickly and efficiently.

MIDAS VERDICT: Equals Group is that rare beast – a cutting-edge financial technology firm that is expanding, profitable and about to pay dividends. At £1.16, the shares should deliver long-term growth. 

Bank of Ireland is facing a crisis after thousands of customers descended on ATMs yesterday evening attempting to take advantage of a major IT glitch.

The bank notified customers early yesterday afternoon that there was an issue with its online app and personal banking website, after being flooded with complaints.

And by the evening, customers had detected that they could access cash from ATMs despite having low levels of funds. Gardaí were instructed to clear the queues from ATMs as people lined up to take advantage of the glitch. 

Thousands of people were last night queuing around the block outside some branches to withdraw money that they did not have in their own accounts.

A source said: ‘Word started filtering through after 5pm that this was happening and it spread like wildfire. There are people with no overdrafts being able to take out a grand that they don’t have. 

‘It’s like it’s free money, people are saying. Gardaí were told to disperse the queues tonight. These people who took money out will be expected to pay it all back but we’re still at a very early stage.’

By the evening, customers had detected that they could access cash from ATMs despite having low levels of funds

Thousands of people were last night queuing around the block outside some branches to withdraw money that they did not have in their own accounts

Huge queues surrounded ATMs as people flocked to take advantage of the banking glitch

In some cases, the fault with the online app allowed people who have no money in their account to transfer up to € 1,000 into a Revolut account.

They can then withdraw the cash from the Revolut account through any ATM.

As word and videos spread quickly on social media, the frenzied withdrawal of cash in Dublin, Limerick and Navan, Co. Meath among other locations, continued until the gardaí clamped down despite warnings on social media that there is no such thing as free cash and the money will have to be repaid.

In a statement after 11pm last night, Bank of Ireland warned customers that any money taken from their account will be debited.

‘We would like to remind customers if transferring/withdrawing funds – including over normal limits – this money will be debited from their account. We are conscious customers may not be able to check balances , but should not withdraw/transfer if they are likely to become overdrawn.’

As word and videos spread quickly on social media, the frenzied withdrawal of cash in Dublin, Limerick and Navan, Co. Meath among other locations, continued until the gardaí clamped down

Gardaí were instructed to clear the queues from ATMs and stand guard overnight

Garda and security guards were ordered to protect ATMs and clear crowds

Yesterday, Bank of Ireland apologised to customers after it said it was hit with unexpected disruption to its mobile app and online services.

Customers were unable to access the bank’s mobile app and Banking365 online services for hours, including many Irish customers abroad. Upon opening the app, users are informed they are unable to connect while the website is also unavailable.

Customers reported having no access to their accounts for hours and being unable to transfer money for “important payments”.

The issue prompted an initial statement from Bank of Ireland, saying that it was working to fix the issue as quickly as possible and it apologised for any inconvenience caused.

The bank was inundated with queries from customers on social media.

By 10pm last night, the bank said it did not have an estimated time for when its mobile app and web service 365Online will be restored.

In 2019, consumers worldwide spent almost £100 billion on subscriptions of one sort or another. By last year, that had more than doubled to £210 billion and experts suggest total expenditure will exceed £450 billion in the next three years.

Individual company fortunes may wax and wane. But overall the so-called subscription economy is booming as more and more firms offer their wares via monthly payments.

Music and movies led the way. Now, however, we can subscribe to online yoga and language lessons, loo roll, cheese and chocolate deliveries, even dog TV, designed to entertain Fido while his owners are out.

As the list grows, it becomes hard to remember what you have bought, how much you paid for it and whether you still want it. Bango helps to make the process easier.

Based in Cambridge, Bango is a clever technology company that makes it simpler for businesses to charge for goods and customers to pay for them.

Taking the lead: The £210 billion-a-year subscription sector includes TV channels to keep dogs occupied

The firm was founded in 1999 by entrepreneur Ray Anderson and initially focused on developing tools that would allow consumers to pay for music and video games through their mobile phone bill.

Anderson still chairs Bango, but the firm has expanded significantly, as citizens the world over increasingly use mobile phones for almost every aspect of daily life, from shopping to binge-watching Ted Lasso.

Bango customers include Amazon, Google and Microsoft, as well as major telecom companies, from Vodafone to Samsung to America’s AT&T.

Last year alone, Bango processed more than £7 billion of payments made by consumers across the globe, from Tokyo to Frankfurt to New York City. The firm also bought its main rival, Docomo of Japan – a deal expected to turbocharge sales and profits. Now Bango has a new division that allows consumers to see all their subscriptions in one place and makes it easier to add, cancel, upgrade or downgrade each and every one of them.

For mobile phone firms, the service helps attract and retain customers, as they can offer discounts or special offers along the way. For businesses, Bango’s network of telecom customers gives them access to millions of potential new subscribers and sophisticated data so they can offer personalised recommendations to consumers.

The service, known as super-bundling, has been taken up by several firms, including Verizon, one of the US’s largest phone groups, and leading Australian player Optus. Others are expected to follow suit.

A recent survey showed that 88 per cent of large phone firms here and in the US plan to offer super-bundling in the near future and Bango is the dominant player in the market, described by customers as leaps and bounds ahead of rivals.

Other companies are interested in Bango’s technology, such as Japanese employee benefits specialist Benefits One which is using it to provide added extras for millions of workers.

A first half trading statement last week was upbeat and brokers expect Bango to deliver substantial growth, with revenues forecast to rise 73 per cent this year to $49 million (£38 million) and a further 16 per cent in 2024 to $57 million.

Bango was loss-making last year, but profits of $3.4 million are expected this year, soaring to $14 million next year.

The firm, which reports in dollars because most of its contracts are denominated in the US currency, also won the first ever King’s Award for Enterprise for International Trade earlier this year.

Midas verdict: Bango shares are at £1.89, having been at more than £2.50 at the beginning of the year. The fall reflects wider unease about technology stocks rather than Bango’s own growth potential. Supportive brokers believe Bango shares could hit £3.15, as the subscription business expands and the group moves into profit. Buy.

Traded on: AIM Ticker: BGO Contact: bango.com or 01223 617 387

Russia has offered troops bonus payments for every Western-made tank they destroy.

Russian troops will receive a £930 payment for destroying German-made Leopard tanks and any other armoured vehicles supplied by ‘NATO countries’ – which would include Britain and the US.

It comes as Defence Minister Sergei Shoigu on Sunday awarded the ‘Hero of Russia gold star’ medal to soldiers who had destroyed the armoured equipment being used in Kyiv‘s counter-offensive.

It is part of a wider reward scheme under which more than 10,000 Russian servicemen have received bonuses since Putin‘s invasion of Ukraine nearly 16 months ago.

Russia’s Defence Ministry said: ‘Payments are currently being made to servicemen of the Russian Federation Armed Forces who in the course of military operations destroyed Leopard tanks, as well as armoured fighting vehicles made in the USA and other NATO countries.’

Russian troops will receive a £930 payment for destroying German-made Leopard tanks and any other armoured vehicles supplied by ‘NATO countries’. Pictured: Destroyed US and German-made tanks in Zaporizhzhia, Ukraine, last week

A total of 10,257 servicemen had been rewarded for destroying 16,001 items of Ukrainian and Western military equipment up to May 31, the ministry claimed.

It added that an enemy armoured vehicle was worth 50,000 roubles (£467) and a tank 100,000 roubles (£930), it said.

Military pilots and air defence operators received 300,000 roubles (£2800) for every destroyed Ukrainian plane or helicopter. 

Hits on Tochka-U and U.S.-supplied HIMARS rocket launch systems are rewarded with the same amount.

In March, state advertisements suggested Russian recruits were being offered up to £530 for every kilometre of ground gained in Ukraine. 

One advertisement posted by a council in the Yaroslavl region promised a £3,100 sign-up bonus and an extra £530 for ‘each kilometre of advancement within assault teams’.

A total of 10,257 servicemen had been rewarded for destroying 16,001 items of Ukrainian and Western military equipment up to May 31, the ministry claimed. Pictured: three British-made Challenger 2 tanks in Ukraine

It added that an enemy armoured vehicle was worth 50,000 roubles (£467) and a tank 100,000 roubles (£930), it said. Pictured: Two German-made Leopard 2 tanks

The advertisements offering recruits cash incentives appeared on Government websites and social media accounts of libraries and high schools across Russia.

It came as Vladimir Putin desperately tried to avoid another round of unpopular mobilisation – which last year saw tens of thousands of men fleeing the country.

The Yaroslavl advertisement also offered a monthly salary of £2,000 plus £80 a day for ‘involvement in active offensive operations’.

Enlistment offices were working with universities and social services to entice students and the unemployed to sign up for the military, with makeshift recruitment centres popping up in cities and towns.

But Russia analyst Kateryna Stepanenko questioned whether the recruitment drive would be successful. 

She told the Telegraph: ‘They’ve already recruited a significant proportion of people that were financially incentivised. And they struggled to do that last year.’

Enlistment offices were working with universities and social services to entice students and the unemployed to sign up for the military

Putin announced Russia’s first mobilisation since the Second World War on September 21 last year.

Defence Minister Sergei Shoigu said at the time that some 300,000 additional personnel would be drafted.

But the mobilisation proceeded chaotically with many highly publicised cases of call-up notices going to the wrong men. 

Tens of thousands of men also fled Russia to avoid being drafted into Putin’s invasion of Ukraine in February 2022.

A billion pounds doesn’t get you very far in the microchip industry. The mighty Intel spends that much every 26 days on research and development alone.

By setting aside so little over the next decade to fund its semiconductor strategy, the UK government will hardly trouble American and Chinese political strategists sparring for global supremacy in this space.

Microchips have taken over the world. Even in 2021, the year supposedly riven with shortages which clobbered the production of cars and computer games consoles, more than one trillion chips were installed in devices to process and store information.

And there is more to come, as the most advanced chips are required to power artificial intelligence (AI) that churns through data to make lightning-quick decisions.

Looking ahead: The most advanced chips are required to power artificial intelligence that churns through data to make lightning-quick decisions

It was the pandemic-induced production blip that persuaded politicians to invest in the vital staple of the digital economy.

The UK can’t hope to compete when the best chip plants cost £16billion to build. And even if it found the cash, there will be a glut of factories by 2030 – perhaps too many.

But money is not everything. If it was, Arm, the Cambridge-based company whose chip designs are used 1,000 times a second, would never have prospered.

Born out of the ashes of Acorn Computers, its only political leg-up of sorts was that Acorn’s BBC Micro sold strongly when the Thatcher government chose it as one of two homegrown devices to qualify for a 50 per cent government subsidy with the aim of installing a computer in every secondary school by the end of 1982.

Acorn at least had a little cash to invest in a processor design it thought would propel it forward. But precisely because it didn’t have too much money, that design was created to be low-powered and low-cost, following the trend for a simple, reduced instruction set computer (RISC).

The Acorn RISC Machine (Arm) project would likely have been wound down if Apple hadn’t been looking for a processor design for a new portable device. Instead, it was spun out into a new company in November 1990.

A decade later, political interest was stirred when Stephen Byers, the then trade and industry secretary, opened the company’s new headquarters. But by that point the company’s shares had entered the FTSE 100, and its product featured in Nokia mobile phones.

Arm, now owned by SoftBank of Japan, has chosen to list its shares in New York, not London. To create another UK semiconductor champion, it is important to understand that this complicated, capital-intensive industry is built on tiny specialisms. 

And the UK can learn from Japan which maintains a vital role in the supply chain, producing hydrogen fluoride – used when the chip design is etched on a sliver of silicon – and the light-sensitive to photo-resistors that project the intricate circuit patterns.

The UK is right to focus on its strengths such as design and materials. What it must afford the industry is time. If poverty again breeds creativity, the least the UK can do is buy British. Another promising company in this field, Graphcore, hopes the government will do so when it comes to equipping its new supercomputer project.

After all, the original US chip industry only gained traction when President John F. Kennedy invested heavily to beat the Soviet Union in the space race. More than 60 years on, the race continues.

• James Ashton’s book, The Everything Blueprint, the story of Arm, is published by Hodder & Stoughton.